(MENAFNEditorial) Zion Market Research has published a new report titled 'Smart Lighting and Control Systems Market by Lighting Source (Fluorescent Lamps, High Intensity Discharge Lamps (HID), and Light Emitting Diodes (LEDs)), by Connectivity (Wired and Wireless), by End-user Industry (Residential, Commercial, Industrial, and Government Sector), and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024'. According to the report, global smart lighting and control systems market was valued at around USD 32.25 billion in 2017 and is expected to reach approximately USD 102.92 billion in 2024, growing at a CAGR of slightly above 18% between 2018 and 2024.
The global smart lighting and control systems market has a tremendous potential owing to the increasing electricity usage and high adoption rate of modern infrastructure in commercial as well as residential buildings. Smart lighting and control systems offer numerous advantages over traditional lighting systems such as remotely accessing the lighting systems, ease of installation, and affordability. Smart lighting technologies offer energy efficiency and energy optimization whereas control systems track the luminance level of lighting depending on various parameters including the intensity of daylight, physical presence, and infrastructure. Smart lighting and control systems market is projected to witness a staggering growth of 18.03% CAGR during the forecast period.
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Browse the full "Smart Lighting and Control Systems Market by Lighting Source (Fluorescent Lamps, High Intensity Discharge Lamps (HID), and Light Emitting Diodes (LEDs)), by Connectivity (Wired and Wireless), by End-user Industry (Residential, Commercial, Industrial, and Government Sector), and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast 2017-2024" report at https://www.zionmarketresearch.com/report/smart-lighting-control-systems-market
Owing to the demand and availability of personalized lighting and control system services, the market is anticipated to flourish globally. The high adoption rate of smart lighting and control systems by the commercial sector especially in private properties, malls, and other commercial spaces is triggering the adoption of the systems. Due to the several benefits associated with smart lighting and control systems such as maintaining a sustainable atmosphere by lowering greenhouse gases emissions the demand for the systems is increasing among the people. Private companies and corporate offices are expected to be among the early adopters of smart lighting and control systems.
One of the significant factors driving the growth of the smart lighting and control systems market is the growing interest of residential consumers towards home automation. Soaring demand for intelligent solutions for street lighting systems with features such as wireless connectivity, scheduled on/off, and dimming capability is expected to bolster the growth of this market. Security and privacy issues related to smart lighting and control systems are hindering the growth of smart lighting and control systems market. The market is anticipated to get noteworthy opportunities due to government proposals towards creating smart cities and lowering the energy consumption.
Smart lighting and control systems market is segmented based on lighting source, connectivity, end user, and region. Connectivity segment is divided into wired and wireless. Fluorescent lamps, high-intensity discharge lamps (HID), and light emitting diodes (LED) are the segmentation based on lighting source. The end user segment is fragmented into residential, commercial, industrial, and government sector. Commercial segment is expected to register significant growth during the forecast period owing to technological advancements carried out by several companies. Regional segmentation of the global smart lighting and control systems market include North America, Latin America, Europe, Asia Pacific, and The Middle East and Africa.
The major players operating in the global smart lighting and control systems market are Koninklijke Philips N.V., General Electric Company, Lightwave Plc, Eaton Corporation, LiFI Labs, Inc., Elgato Systems, Honeywell International, Inc., Belkin International, Inc., Lutron Electronics Company, Inc., and Acuity Brands Lighting, Inc., among others. Nowadays companies are aiming to have multiple partnerships with leading firms to work on cutting-edge technologies. Acuity Brands have partnered with Johnson Control and also participated in a few Smart City projects.
The report segments global smart lighting and control systems market as follows:
Smart Lighting and Control Systems Market: Lighting Source Segment Analysis
- Fluorescent Lamps
- High-Intensity Discharge Lamps (HIDs)
- Light Emitting Diodes (LEDs)
Smart Lighting and Control Systems Market: Connectivity Segment Analysis
Smart Lighting and Control Systems Market: End-User Segment Analysis
- Residential
- Commercial
- Industrial
- Government sector
Smart Lighting and Control Systems Market: Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
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